Finnish elevator specialist Kone is deep in negotiations to buy German rival TK Elevator in what could become Europe’s largest takeover of the year. Sources say the deal would close by month‑end, making it a headline‑making private‑equity exit. The move would double Kone’s footprint across the continent and consolidate a fragmented market and globally ahead.

TK Elevator’s owners, Advent and Cinven, have set a valuation target of €25 billion including debt, the Bloomberg report said. Both firms are also eyeing a possible IPO, holding early‑look meetings with investors, but a sale to Kone remains uncertain. The deal would represent a rare high‑profile exit amid a squeeze on buyout liquidity today.

The transaction traces back to 2020 when Advent and Cinven bought TK Elevator from Thyssenkrupp for €17.2 billion. Kone had earlier teamed with CVC Capital Partners to bid, but the private‑equity firms outbid them. Since then, TK Elevator has added Canadian service firm City Elevator Co. and secured a 15% stake from Saudi Arabia’s Public Investment Fund.

With more than 50,000 employees worldwide and roughly €9.2 billion in 2024‑25 sales, TK Elevator is a key player in elevators, escalators and industrial automation. A sale to Kone would give the buyer a stronger European presence and a larger service network, while Advent and Cinven would realize a hefty return in a market where exits are hard to come by.